Riyadh – Mubasher: Jabal Omar Development signed a memorandum of understanding (MoU) with AlBilad Securities and Investment Co. to sell 93 housing units in the second phase of Jabal Omar project.

The deal will last for four months starting from the date of signing, according to a bourse filing on Thursday.

The real estate investment fund, that is supposed to be established, will acquire the housing units at a value of nearly SAR 1.2 billion, after obtaining the approvals from the Saudi Capital Market Authority (CMA).

Jabal Omar expected to finalise all the procedures of the deal during the current fiscal year.

The agreement includes an extension for the rental period of the 55 housing units after selling them to the fund from a year and up to five years, the statement said.

The company will use the sale’s proceeds to implement a strategy for the project. The financial impact will be positive on its revenues and the shareholders’ rights in the current fiscal year.